Preliminary disclosures: When do you start counting the days?

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Preliminary disclosures: When do you start counting the days?
by John Burnett, BOL Guru
BIO AND CONTACT INFO

Question: Preliminary disclosures: When do you start counting the days? Is the day you receive the application consider day 1 or does the time begin the day after you receive the application? For example if I received a completed application on 2/18/03 do preliminary disclosures have to be given on 02/20/03 or do I have until 02/21/03?

Answer: Start counting with the first business day following the date on which you receive the application. Since 2/18/03 was a Tuesday, the three business days are Wednesday, Thursday, and Friday, and you'll have to put the advance disclosures in the mail or deliver them to your application by Friday, 2/21/03.

First published on BankersOnline.com 3/17/03

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